Autumn Budget 2026 live updates: John Healey set to raid banks, hike minimum wage and extend the fuel duty freeze

John Healey delivered his first Budget on October 28, 2026, focusing on providing breathing space from everyday costs and starting long-term action to reduce energy bills. Key measures included:

• Scrapping standing charges on gas bills for around 23 million homes by next year, potentially saving households an average of £45 annually.
• Targeted support for businesses and self-employed people.
• Increasing benefits paid to ten million people by 3.5% in line with inflation.

However, the Budget faced criticism for not providing substantial relief immediately and for shifting costs onto unit rates, which could disadvantage some families. The Institute for Fiscal Studies warned that Healey faces a £35 billion tax hike or spending cuts to avoid budget cuts for public services. Additionally, the Office for Budget Responsibility's economic forecasts were crucial in assessing the effectiveness of these measures. Standing charges on gas bills will be removed by Ofgem "in 2027 or as soon as possible after." The Chancellor also announced plans to delay major welfare reforms until later in the Parliament. Overall, Healey aimed to address immediate financial pressures while laying groundwork for long-term economic growth and stability.